Modulr joins CHAPS as a direct participant, settling at the Bank of England

The electronic money institution now settles high-value sterling payments directly at the Bank of England. It says it is the only non-bank payment service provider connected directly to Faster Payments, Bacs and CHAPS. What changed Modulr has moved from indirect access to direct participation in CHAPS, the UK's same-day high-value sterling payment system. Settlement now takes place in the firm's own account at the Bank of England rather than through a sponsor bank, removing one intermediary from the payment chain and giving Modulr direct control over cut-offs, liquidity and payment status. The firm already held direct participation in Faster Payments and Bacs, so the CHAPS connection completes direct access to all three major UK retail and high-value schemes. Modulr is authorised as an electronic money institution by the FCA in the UK and by De Nederlandsche Bank in Europe; the change concerns scheme access and settlement arrangements, not the firm's licence status. No customer-facing product change, pricing change or cut-off change was announced alongside it.